# Eurozone: CA Regression Detail

| Variable | EMU: Z+ctrl | EMU: Z only | EMU: Age |
|:---|---:|---:|---:|
| Z_1 | -189.7500*** | -192.3252*** | |
| | (35.6908) | (38.9830) | |
| Z_2 | 24.2056*** | 24.2174*** | |
| | (4.6263) | (5.0510) | |
| Z_3 | -0.8706*** | -0.8637*** | |
| | (0.1713) | (0.1871) | |
| fiscal_bal_gdp | -0.0679 | | -0.0598 |
| | (0.0654) | | (0.0663) |
| nfa_gdp_lag | 1.6071** | | 1.2809* |
| | (0.6681) | | (0.7181) |
| rgdp_growth | 0.1202*** | | 0.1137*** |
| | (0.0379) | | (0.0379) |
| old_dep | | | 18.2479* |
| | | | (10.9621) |
| youth_dep | | | 38.1022* |
| | | | (19.6189) |
|:---|---:|---:|---:|
| N | 447 | 449 | 447 |
| R² | 0.2416 | 0.1219 | 0.0348 |
| Countries | 19 | 19 | 19 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*